Loan Modification Delaware
Over the years many people have lost their home due to an increase in the rate of forclosure. We are committed to aiding you in the process of saving your home. There are several programs available to help save your home from foreclosure. By obtaining a loan modification, the foreclosure process is stopped completly, as well as an affordable mortgage payment that fits your budget. You have options if you are currently struggling to make your mortgage payment.
Things to know about modifications:
• Most types of loans that qualify: Adjustable Rate, Interest Only, etc…
• The interest rate on your mortgage could be lowered to as low as 2% for the life of the loan.
• If your bank modifies your mortgage loan, they can receive up to $5,000 from the government for up to three years.
• Since a mortgage was already obtained, a credit check is not necessary.
You can use a Loan Modification if your:
• Mortgage payment is above 31% of your gross monthly income..
• Your loan is an Adjustable Rate Mortgage
• Are facing foreclosure whether or not a NOD has been filed, or facing bankruptcy
• Are affected by the historic real estate slump and owe more than your property is worth
• Need a stated income refinance
How does it work if you do it yourself and what we do for you.
You call your lender and ask if they modify mortgages. If your mortgage and situation meet the standard qualifications then prepare the documentation yourself (we do all fileing for you). You have to understand the current laws affecting modifications and you must be aware of the type of mortgage you have at present (Are expert attorneys are up to date on all current laws and handle everything for you). Weekly lender contacts are needed as well as monthly submissions of updated financial documents (We make sure the documentation is sent monthly and is verified by a call). This process can take months, and expect to sit on hold for long periods of time, talk to representatives at your lender that can’t find your paperwork or any updates on your file (We understand that your time is very important and we take care off all the calls and keep extreemly good records so we can get the process done as quick as possible. With our expert attorneys and the loan modification specialist team we dont get the run around). Don’t be surprised to hear two different updates from two different people on the same day.
If you do achieve trial term payments, don’t believe that the bank then has to give you a final permanent modification (With our Loan modification specialist we work relentlessly to get you final terms and have over a 98% secsess rate) . Banks don’t always offer permanent modifications. To obtain a successful modification you have to learn the process.
We currently offer free educational material that will help you better understand the process in which every applicant has to go through. To request this free educational information email us you information. To see if you qualify for any financial support please email us your contact information. Once your contact information is received, we forward it to our local organizations and they will contact you to answer any questions you may have.
